Tanger Med, the busiest port in the Mediterranean, has officially launched the third phase of its expansion in the shape of Tanger Med port 2 in a ceremony led by Mohammed VI, King of Morroco, and further strengthened its position as the most innovative port in Africa and as a major trade hub.
According to a statement, the new port will develop the two new container terminals, which will increase the annual capacity by 6 million TEU, in addition to the 3 million handled by Tanger Med 1 port.
The expansion is being funded by a public and private investment program worth approximately US$800 million and will see APM Terminals (APMT) develop the TC4 container terminal at the Tanger Med 2 port under a 30-year concession agreement.
In a statement released by A.P. Moeller-Maersk, APMT's CEO Morten H. Englestoft said: “APM Terminals has a long-term relationship with Morocco and we are proud to be operating the second container terminal in the Tanger-Med port complex.
“APM Terminals MedPort Tangier is a key junction in our global network allowing us to serve our customers better and further facilitate global trade.”
This will be the second terminal in Tanger Med port 2 operated by APMT, which the port hopes will further consolidate its position as a major transshipment hub.
In 2018, the port, situated on the Strait of Gibraltar, became home to the first industrial free zone in Africa and exported approximately $8.3 billion worth of goods.